Morning Mantra - 14th July 2023

Dear All,

Yesterday was another day of witnessing a major supply from upper levels in Nifty. After which, we can now observe a red candle on the chart once again.

Today, being the last trading of the week, we have to specially mention about the weekly body pattern, formed until yesterday, which is like a Doji formation.

So, observing a Doji after a shooting star on weekly basis is somehow indicating the fight that has been going on between the bull and the bear.

Altogether, this is a clear indication that we now need a weekly closing higher than that of the previous week.

Therefore, we are still with our words, that for a clear cut indication, we now need to witness either a fresh breakout of 19550 or a breakdown of 19300 from Nifty.

Until then, continue rebalancing your portfolio and keep following the Cherry picking strategy.

Regards,
Alok Daiya
SEBI Registered Research Analyst